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Formation of a Contract

The Rules of Consideration

  • 3 things to know
  • Paper 3

Overview

Recall questions on what consideration is, why it must move from the promisee, the sufficiency and adequacy distinction and the rule on past consideration.

What you need to know

Answer each one before you reveal it.

Your recallNot started
Key term

What is consideration in contract law?

Key term

Explain the distinction between sufficiency and adequacy of consideration.

Key term

What is the second requirement for the exception to the past consideration rule?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What is consideration in contract law?

    Model answer

    Consideration is something of value given by each party to a contract in exchange for the promise of the other party.

  2. 2

    What does it mean that consideration must 'move from the promisee'?

    Model answer

    The person seeking to enforce a promise must have provided consideration for it; a party cannot enforce a promise for which they gave nothing in return.

  3. 3

    Explain the distinction between sufficiency and adequacy of consideration.

    Model answer

    Consideration must be sufficient (have some recognised legal value) but need not be adequate (courts will not assess whether the exchange is fair or of equal value).

  4. 4

    Why is past consideration generally not valid consideration?

    Model answer

    Because the act was performed before the promise was made, so it cannot be said to have been given in exchange for that promise.

  5. 5

    What is the first requirement for the exception to the past consideration rule to apply?

    Model answer

    The act must have been done at the promisor's request.

  6. 6

    What is the second requirement for the exception to the past consideration rule?

    Model answer

    Both parties must have understood that payment would follow the act.

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